Bank of the Year faces court

National Australia Bank has been named Bank of the Year by Money magazine’s 2016 Consumer Finance Awards recognising its everyday banking products and strong focus on customer service.

Meanwhile, the Australian Securities and Investment Commission has commenced legal proceedings against NAB for alleged unconscionable conduct and market manipulation in relation to the bank’s alleged involvement in setting the bank bill swap reference rate (BBSW).

NAB’s chief risk officer David Gall said NAB has fully co-operated with ASIC’s review and does not agree with ASIC’s claims which means they will now be settled in court.

Source: Mortgage Business